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Economics

Expert believes BRICS has potential to introduce single currency

Researcher at CIMI, RANEPA, shares his views on the issue


The BRICS, as an association of fast-growing regional leaders, could in theory consider projects to create a single currency, guided by the logic of enhancing mutual trade flows. Aleksandr Ignatov, a researcher at the Centre for International Institutions Studies at the Russian Presidential Academy of National Economy and Public Administration (RANEPA), told TV BRICS in an interview.

"Hypothetically, the creation of a single monetary unit of the BRICS countries would increase the resilience of their markets. They will be less dependent on changes in other states by strengthening domestic trade links and establishing joint production chains."

Aleksandr Ignatov researcher at RANEPA

According to Aleksandr Ignatov, the single international currency of the BRICS countries could be fiat or digital. The value of fiat currency is ensured by the government issuing it.

"Given China's large trade volume with the BRICS countries, one could say that the Five already have their own 'single currency' - the Chinese yuan. In addition, the trajectory of further development lies in the transfer of mutual trade transactions to the Chinese currency, rather than towards the creation of a new one," said the expert.

As for the digital money of the Central Banks, it does not replace the usual ones and is created in order to reduce transaction costs.

However, according to the expert, the transfer of mutual settlements of the BRICS countries to existing national currencies on a bilateral basis is more likely (for example, between Russia and China), rather than the implementation of projects on the scale of the entire association. 

The expert noted that in theory the BRICS countries can create a single currency, but now it is rather difficult to name the specific time frame for the implementation of such a project.

Photo:  IStock

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